In the face of increased bank turmoil, questions are being asked about the role of credit default swaps (CDS), levels of transparency in this market and whether these products should be cleared. It all feels a bit like 2008, but there are important differences. Following the 2008 crisis, reforms were put in place to ensure that all over-the-counter (OTC) derivatives – including single-name CDS – are reported to regulators via trade repositories, alongside increased clearing of standardized derivatives. These rules mean single-name CDS, which play an important role in managing risk, are much more transparent.
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FTSE Equity Country Classification – March 2023 Interim Update Announcement
Date 30/03/2023
The March 2023 FTSE Equity Country Classification Interim Update Announcement has been published and is available via the following link: FTSE Equity Country Classification - March 2023
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SEC Charges Hedge Fund Trader And Broker-Dealer Partner In Multi-Million Dollar SPAC Insider Trading Scheme
Date 30/03/2023
The Securities and Exchange Commission today filed insider trading charges against Sean Wygovsky, a former trader at a Canadian asset management firm, and Christopher Matthaei, a former partner at a U.S. broker-dealer, for using nonpublic information in advance of at least seven merger announcements involving Special Purpose Acquisition Companies (SPACs) to earn illicit profits of more than $3.4 million.
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US Office Of The Comptroller Of The Currency Establishes Office Of Financial Technology
Date 30/03/2023
The Office of the Comptroller of the Currency (OCC) today announced the establishment of its Office of Financial Technology and the selection of Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer, effective April 10, 2023.
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Fixed Income And Options: The Other Market Structures, Remarks At The Fixed Income Forum Spring Roundtable, SEC Commissioner Caroline A. Crenshaw, Washington D.C., March 30, 2023
Date 30/03/2023
Thank you Thanos [Papasavvas], for that kind introduction, and thanks to all of you for inviting me here today.
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Federal Reserve Board Fines Wells Fargo $67.8 Million For Inadequate Oversight Of Sanctions Risk At Its Subsidiary Bank
Date 30/03/2023
The Federal Reserve Board on Thursday announced that it has fined Wells Fargo & Co., of San Francisco, California, $67.8 million for the firm's unsafe or unsound practices relating to historical inadequate oversight of sanctions compliance risks at its subsidiary bank, Wells Fargo Bank, N.A. Wells Fargo & Co.'s deficient oversight enabled the bank to violate U.S. sanctions regulations by providing a trade finance platform to a foreign bank that used the platform to process approximately $532 million in prohibited transactions between 2010 and 2015.
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Federal Reserve: Senior Credit Officer Opinion Survey On Dealer Financing Terms
Date 30/03/2023
Release Dates RSS DDP
The Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS) is a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter (OTC) derivatives markets. The SCOOS is modeled after the long-established Senior Loan Officer Opinion Survey on Bank Lending Practices, which provides qualitative information about changes in supply and demand for loans to households and businesses at commercial banks. The SCOOS collects qualitative information on credit terms and conditions in securities financing and OTC derivatives markets, which are important conduits for leverage in the financial system. The survey panel for the SCOOS began by including 20 dealers and over time has been expanded. These firms account for almost all of the dealer activity in dollar-denominated securities financing and OTC derivatives markets. The survey is directed to senior credit officers responsible for maintaining a consolidated perspective on the management of credit risks. The HTML links below include the full report; the PDF links include the summary only.
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ISDA derivatiViews: Transparency In CDS
Date 30/03/2023
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US Acting Comptroller Of The Currency Emphasizes Focus On Safe And Sound Banking System, Discusses Elevating Fairness In Banking
Date 30/03/2023
Acting Comptroller of the Currency Michael J. Hsu today emphasized the Office of the Comptroller of the Currency’s (OCC) continued focus on the safety, soundness and fairness of the federal banking system and its work to elevate fairness in banking in remarks at the National Community Reinvestment Coalition’s Just Economy Conference.
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FSB Work Programme For 2023
Date 30/03/2023
The Financial Stability Board’s work programme for 2023 reflects its global and cross-sectoral approach to financial stability policy.
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Archax Announces Launch Of Real-World Asset Tokenisation Engine - Spearheads Its Roll-Out Of Tokenised Traditional Equities And Funds
Date 30/03/2023
Archax, the FCA regulated digital asset exchange, broker and custodian, today announced the launch of its tokenisation engine – enabling the creation of tokens backed by any regulated or unregulated real-world or traditional asset. Leveraging the benefits of Web 3.0 and blockchain technology, this new service will allow Archax to roll out token representations of existing assets, starting with blue-chip UK traditional equities and funds to trade alongside new cryptoassets.
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